The Governing Board shall promulgate rules and regulations consistent with this chapter establishing, but not limited to, eligibility requirements, application procedures, and administrative reporting. The Board may, by rules and regulations, require that grant and award recipients contribute their skills in some capacity to the benefit of the people of the Virgin Islands. Until otherwise provided by rules of the Board, applications for loans, grants and awards under this chapter shall be filed with the President of the University of the Virgin Islands who shall serve as ex-officio Secretary of the Governing Board, without vote.